SCRA (Servicemembers Civil Relief Act, 50 U.S.C.) § 3954 — Settlement of stayed cases relating to personal property
SCRA (Servicemembers Civil Relief Act, 50 U.S.C.), §3954 Settlement of stayed cases relating to personal property. Captured section-complete from Cornell LII (verbatim).
Verbatim regulatory text
Verbatim provisions from SCRA (Servicemembers Civil Relief Act, 50 U.S.C.) § 3954 — Settlement of stayed cases relating to personal property — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
50 U.S.C. §3954(a)
(a) Appraisal of property When a stay is granted pursuant to this chapter in a proceeding to foreclose a mortgage on or to repossess personal property, or to rescind or terminate a contract for the purchase of personal property, the court may appoint three disinterested parties to appraise the property.
50 U.S.C. §3954(b)
(b) Equity payment Based on the appraisal, and if undue hardship to the servicemember ’s dependents will not result, the court may order that the amount of the servicemember ’s equity in the property be paid to the servicemember , or the servicemember ’s dependents, as a condition of foreclosing the mortgage, repossessing the property, or rescinding or terminating the contract. (Oct. 17, 1940, ch. 888, title III, § 304, as added Pub. L. 108–189, § 1 , Dec. 19, 2003 , 117 Stat. 2848 .)